St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-19

Is S gslRlgs
The hot weather, the departure of
people for the summer resorts, the gem
eral lndiSpoSition to NEEDLE with bust
ness during the hot summer months and
the carpenters strike have at last pro-
duced some observable effect upon the
real estate market. During the whole
year the recorded transfers have
week, or S25O,000 per day. Some
weeks during this they have gone up
as high as S2,00O,000, but the general,
steady flow of business held pretty firm
~ at 81, 100000 per week. The past week
shows falling off from this amount in
very pereeptable degree. This
was expected to have. occurred be
fore this, but if it had not
been for the strike it is very
probable that business would have kept
up during the summer at the figures
that have prevailed during the year.
The market all along has been very
peculiar one. 1t came up very gradual
iy for the reason that prices appreclat-
ed very slowly and when the sales
reached Sl,500,000, though they some
tons went a little above that sum that
furnished very fair measure of the
market, and one that was reliable, and
could not be gainSaid. Now. for reasons
that are apparent and satisfactory, there
Is Il reduction in the amount of sales.
Ordinarily this would be looked upon as
an indication of a weakening OF the
market. and as though it had reached a
point where it could no longer bear the
strain and was likely to collapse. This
does not happen TO be the case in this
instance. 1t is more like the intelli-
gent opening of the safety valve to let
off little surplus steam. If anyone
has an idea that there is Il weakening of
the market it will soon be diSSipated by
going into the market and seeking to
buy at lower prices. At no time during
the year have prices been held more
firmly than they are now, and there are
many who do not hesitate to say that
although they do not wish to see a
strike here, they welcome almost any
thing that will cause a check on sales.
They agree that it is more healthy to
stop and take little breathing time.
Everybody they say has made money
and got into better financial circum-
stances during the year-though no great
sudden riches have been accumulated,
everyone is better fixed and i'll a more
substantial condition. Therefore it is
better, every way, that people should
stop and rest through the few weeks of
the hottest part of the summer and get
ready for the renewal of business III the
fall.
A WONDERFUL SEASON.
In many respects the past year has
been wonderful one for the city of st.
Paul. 1t has not been characterized by
any sudden, SpaSmodic growth, nor by
anything OF an unusual character. That
which has attracted attention most is the
fact that the city itself, without any
special effort, has grown itself,
i'll wealth, population, Importance and
everything else that goes to make city.
1t has grown naturally, not because new
railroads have come here, but new rail
roads have come here for the reason
that it was for their advantage TO come.
Bonuses of $250,000, such as st. Paul
formerly gave to get the roads to come
here, are not now mentioned. The in
tereSt in this matter is now wholly re-
VerSed. 1t is fight now to get into st.
Paul, and why? Because this city is
recognized as an important commercial
point. 1t could not be otherwise. Its
location and various advantages have
many times been enumerated and are
too well known to need repetition.
Never in the history of the city have
we ever increased so rapidly in wealth,
in population, in commanding influence
as we have during the last ten months
All this increase has come in a very
solid form. and is leaving its impress
upon our citizens. Real estate, except
when large and powerful syn
dicateS have put in very large sums of
money to build up certain points like
South st. Paul, North ST. Paul and
Gladstone, has gradually and steadily
increased in value, at no point except
such as those referred to has there been
any sudden increase OF prices. The adj
vance has barely kept pace with the nat
ural growth of the city and that is all.
This characteristic is one of the princi-
pal ones that has given the city such an
appearance of solidity, and mistaken
hold upon the public mind. 1t is this
very appearance and reality of perma-
hence and solidity. that has attracted
capital to make large investments here
in St. Paul. The slightest examination
into our financial situation, our way of
doing business, and the general charac-
teriSticS and business ways of st. Paul'S
business men will satisfy any one of the
chief characteristics of st. Paul as
city, and her citizens as a community,
is S0lidity. Many times the epithet of
''Old fOgy" has been applied to our bus
mess men, simply because they have not
taken money out Of the business and
put it into real estate. In refusing, they
acted on good business principles, and
~ 10 P0ieiy W Iiito putty anu
these principles that we now
owe financial standing Very
likely during the hot weather sales will
still further drop off. This is looked for,
but the market values will remain the
same and holders in this conservative
city will not hasten to part with their
holdings. As to localities that have
been the most prosperous it is difficult
to select the most noted. For sure, solid.
unquestioned values, the Midway dis
tiict presents the first claim. In West
st. Paul there is a gold mine, for it is
susceptible of vast Improvement, more
than has yet entered into the mind of
man. North st. Paul and Gladstone are
attracting great attention. Midway
Heights are first class. Dayton's bluff
offers great inducements for persons of
moderate means. Property all around
Como is rapidly coming forward, and
very extensive Improvements are being
made i'll that locality. So far as inside
property is concerned, whether business
or residence, prices are very firm and
strong, except, perhaps, along Broad
way, which seems to be rather under
value, as compared with other holdin gs
as well and similarly located.
Opinions ofDeaiers.
Beaumont & Cathcart report extreme
dizziness in the general market. but
without any ''give" in prices. They